Although the size of the deal was not disclosed, Watson Steel Structures’ the company said the “multi-million” deal would provide long-term security for its 300 employees.

Watson Steel, which has a £70m turnover is part of North Yorkshire-based structural steel giant Severfield Rowen.

The company said it would be working with a number of its existing suppliers to deliver the Olympic stadium contract, but would also put elements of the workload onto CompeteFor – a new website launched by the Olympic Delivery Authority to allow SMEs to bid for work.